The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1887-12-15

~ ihis Oll Vic fIlls LII ~ lC OeJ
1.-THE Legislature convenes at a propitious
period in the history of Virginia A prosper
Gus future points to peace and progress within
her limits, and wise DEGREES and economic
laws will be expected and demanded by the
people of their represen tatives. My executive
duties began on the lst of January, 1886 The
Legislature of lSso-'S6 was already in session
/, The vexatious sore on the body polite was the
public debt, and it was an ulcer tender to the
touch of citizens within and without the
limits of the State. Political parties were
weary of it's pain, and jaded Commonwealth
lamented it's duration. With the belief that
from sound state ofpublc health would freely
flow multiplied blessings my attention was at
once directed to such measures as would pro-
duce results SO much to be desired. 1t was
clearly the initial point upon which the execu-
tive work should begin" The Governor then
recalls the fact that in message to the Legis-
lature, February 16, 1887, he recommended the
appointment ola committee to confer with a
commission of the creditors Thespropriety of
the proposed course, he says, was not received
by the Legislature with that unanimity so
essential to successful solution of the problem
and resulted in no action being taken by that
body. "a desre.' he says. "to promote the
public welfare decided me to call an extra ses-
sion OF the some body to meet in the city on
the 10th of March, 1887. The recommendation
which made to them the previous year for
the appointment of a. commission was re-
newed, and this time adopted. joint
committee4of four members from the Senate
and six from the House. inclusive of the pre-
siding officer of each body, accordingly met in
this city on the 29th of April last. After la
borious session of several weeks, | regret to
say that the joint commission adjourned with
al,;.
posal of the English representatives had been
accepted by our committee and the outstand-
ing obligations of the State funded under the
terms proposed it would have resulted in the
State having to make provision for the
demption of principal of a debt of S2I ,909 9l9
and the payment of annual interest of
$922508. A careful estimate or the available
revenue for that purpose determined her in
ability to meet this demand. In any settle.
ment embracing annual payments greater than
the State could meet with her present income,
a default in the payment of interest would
arise, carrying with hope removed repetition
of the experience derived from the States
Pandora box the funding bill Of 1871. AS far
as could be ascertained the English commits
sion represented about so per cent. of the con-
sol bonds, and some 80 per cent. of the ten
forties, the remaining bonds of the last de-
nomination being held in this country. 1t was,
therefore, thought that if settlement could be
made with the English bondhoders it would
probably have extended to bonds held by
others Sir Edward Thornton and his asso-
ciates protested to be willing to settle upon the
amount which would be left of the States rev.
enue after all other necessary expenses had
been betrayed. They would not accept the
States figures as to that amount nor could we
accept their estimate. The conference, though
unsuccessful. was in some respects beneficial.
1t located with greater certainty than ever be-
fore the obligations of the State desire
upon the part of the Commonwealth to make
a settlement within her ability to pay was
manifested. While she declared positively
that the benefit the children of her citizens
was receiving at the public schools should not
be decreased, she insisted Ethat fostering care
should be thrown about the disabled soldier
and sailor, whose wounds SO eloquently certi.
fed his devotion to his State.
1.-THE action of the Legislature in the ap.
pointment of the joint committee and the pro-
ceedings of that committee received the in
dorsement OF the people at the polls, for in the
recent elections of the members of the Legis-
lature no words OF dissent came from the lips
of the candidates of either party, and as far as
L know, the mode of the settlement of the pub
lie debt was not matter of discussion be-
tween them. From such premises the conc1u-
sion is reached that both parties are united in
maintaining the act approved February IA, 1882.
Can the State still meet the obligations of that
measure without an increase Of taxatit n? An
examination demonstrates that exclusive of in
terest on the debt, except the amount to insti-
buttons of learning. which is now paid on the
unfunded bonds held by the m, the average an
nual expenditures of the State will beS2,o57 1I9.
In a communication from the auditor OF public
accounts, transmitting an estimate of the an
nual receipts OF the Commonwealth from all
sources, based upon the assessment of 1856, in
response to resolution of the Senate adopted
March Is, 1887, the annual revenue of the State
is set down at $751; SIS. From these state.
ments it is ascertained that the revenue of the
State applicable to the payment of interest
upon bonds other than those held by institu-
tions of learning is SI6i.75 The animal inter-
estto be provided for, if all outstanding obi-
cations were funded into bonds under the act
approved February H. 1882 except those held
by institutions Of learning would be 1858 ,3i2.04.
In ORDER therefore, to carry out the provisions
of that act the sum of sl935s5 would have to be
annually raised in addition to the present
revenue.
but whilst this deficiency is shown it will be
borne in mind that the Riddleberger bonds
held by the commissioners of the sinking fund
the property of the State, and can be can
celed; that the stock held by the State in the
Richmond, Fredericksburg and Potomac Rail
road Company can De sold and the proceeds
used in the purchase of Riddleberger bonds or
the dividends upon the said stock, now going
into the hands of the sinking fund commits
sioners, can be used in the payment of Interest
and that no provision be made for the payment
of interest upon State stock held by the United